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END Company reported the current month purchase and sales data for its only product as follows: Date Activities Units Acquired at Cost Units Sold at
END Company reported the current month purchase and sales data for its only product as follows:
Date
Activities
Units Acquired at Cost
Units Sold at Retail
April 1
Beginning Inventory
175 units @ $15.00
4
Purchase
150 units @ $16.00
7
Sales
160 units @ $30.00
10
Purchase
200 units @ $17.00
16
Sales
250 units @ $30.00
25
Purchase
160 units @ $18.00
28
Sales
150 units @ $32.00
Required:
Determine the cost assigned to ending inventory and cost of goods sold using LIFO with the perpetual inventory system.
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